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Union Bank of the Philippines to redeem 7.2B pesos of Tier 2 notes

Union Bank of the Philippines will exercise its early redemption option on 7.20 billion Philippine pesos of Tier 2 unsecured subordinated notes

The notes were issued Nov. 20, 2014, and are due Feb. 20, 2025, according to a Jan. 20 stock exchange filing.

The notes, which carry an interest rate of 5.375%, will be redeemed Feb. 20.

As of Jan. 20, US$1 was equivalent to 50.98 Philippine pesos.